BUYER POOL ANALYSIS
Selling a physical therapy practice to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 12.55x across 12 disclosed deals (P25: 8.4x, P75: 15x). Median EV/Revenue 0.9x across 9 deals. Median deal value: $910.08M.
- How many disclosed transactions?
- 12 deals total (12 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of physical therapy practice businesses.
- Most active buyers
- General Atlantic (2) · Knighthead Capital Management / Marathon Asset Management Consortium (1) · Knighthead Capital Management and Marathon Asset Management (1) · Welsh, Carson, Anderson & Stowe, L.P. (1) · Confluent Health (1) · HIG Capital (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of physical therapy practice businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | ATI Physical Therapy | Knighthead Capital Management / Marathon Asset Management Consortium | $522.2M | 11.2x | 0.70x |
| 2025 | ATI Physical Therapy, Inc. | Knighthead Capital Management and Marathon Asset Management | $523.2M | 11.2x | 0.70x |
| 2025 | Select Medical Holdings Corporation | Welsh, Carson, Anderson & Stowe, L.P. | $4952.4M | 6.5x | 0.97x |
| 2023 | MOTION PT Group | Confluent Health | $250.0M | 13.9x | — |
| 2022 | PT Solutions | General Atlantic | $1200.0M | 15.0x | — |
| 2022 | PT Solutions (Majority Stake) | General Atlantic | $1198.6M | 15.0x | 2.27x |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same physical therapy practice can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to physical therapy practice businesses acquired by private equity / pe-backed roll-up buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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